 "Devendra Pant, chief economist, India Ratings")
First advance estimate of national income, 2020-21 pegs FY21 GDP growth at -7.7% (India Ratings & Research: -7.8%). This is in line with RBIs assessment of -7.5% growth in FY21. It is now official that the Indian economy is having its sharpest contraction in post-Independence history. When entire economy was in lockdown for two months this was on expected lines.
Key GVA trends for 2HFY21 are:
1. Agriculture is expected to grow at same rate as in 1HFY21.
2. Manufacturing (1HFY21: -19.4%, 2HFY21: 0.5%), electricity (1HFY21: -1.4%, 2HFY21: 7.1%), construction (1HFY21: -30.2%, 2HFY21: 4.4%), finance (1HFY21: -6.8%, 2HFY21:
